Montgomery County Man Charged With Insider Trading Linked to CVS’s 2023 Acquisition of Oak Street Health

PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Carlos Sacanell, 58, of Willow Grove, Pennsylvania, was arrested and charged by indictment with insider trading and making a false statement to a federal agency.

The indictment alleges that the defendant obtained material nonpublic information from his domestic partner, who was an executive at Oak Street Health, about CVS Health Corporation’s acquisition of Oak Street Health in 2023. At all times relevant to the indictment, both CVS and Oak Street Health were publicly traded companies on the New York Stock Exchange, with ticker symbols CVS and OSH, respectively.

The defendant allegedly used the material nonpublic information obtained from his domestic partner to trade stock and options in Oak Street Health before the transaction was publicly announced by CVS and Oak Street Health on February 8, 2023, resulting in him obtaining profits of approximately $617,000.

The indictment further alleges that on April 3, 2024, when the defendant was interviewed by the Federal Bureau of Investigation, he falsely told the FBI that he did not obtain from his domestic partner information regarding CVS’s planned acquisition of Oak Street Health before the acquisition was publicly announced on February 8, 2023.

If convicted, the defendant faces a maximum possible sentence of 25 years’ imprisonment.

The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Francis A. Weber. In a parallel matter, the Securities and Exchange Commission announced charges against Sacanell today.

An indictment, information, or criminal complaint is an accusation. A defendant is presumed innocent unless and until proven guilty.